I am not sure where else to ask this

[DisabledGeek89]

What is the name of your state? Virginia


I am on disability and use a Credit Union thanks to my Father's connection. Anyway that being said with banks failing should I be worried about losing money and my benefits in a coming economic collapse? Should I start preparing for the worst?

 

[not2cleverRed]

Look up "FDIC Insurance".

 

[adjusterjack]

with banks failing

"Banks" aren't failing.

Two banks failed because of greed and stupidity.

The banking system, as a whole, is quite solit.

 

[Just Blue]

"Banks" aren't failing.

Two banks failed because of greed and stupidity.

The banking system, as a whole, is quite solid.

fixed that for ya!

 

[quincy]

There is no “economic collapse” coming.

 

[Just Blue]

There is no “economic collapse” coming.

I think based on this thread and others DG has posted here, he is watching unreliable news stations/sources. OP should watch real news.

 

[quincy]

I think based on this thread and others DG has posted here, he is watching unreliable news stations/sources. OP should watch real news.

There were a few suggestions I was going to make. Turning off Fox was one of them.

 

[Just Blue]

There were a few suggestions I was going to make. Turning off Fox was one of them.

lol...I posted Fox before doing an edit. didn't want to get TO'ed again.

 

[quincy]

lol...I posted Fox before doing an edit. didn't want to get TO'ed again.

Well, Fox is being sued for $1.9 billion by Dominion for defamation, and Fox is being sued for $2.7 billion by Smartmatic for defamation - and in the depositions of, and in text message-exchanges between, the main Fox players/defendants, they admit they knew what they were saying on air was false.

That is not exactly the sign of a reliable news source. It is certainly not a news source I would trust.

 

[adjusterjack]

fixed that for ya!

Solit is a variation of solid according to the Scottish National Dictionary.

Dictionaries of the Scots Language:: Search Results (dsl.ac.uk)

 

[quincy]

Solit is a variation of solid according to the Scottish National Dictionary.

Dictionaries of the Scots Language:: Search Results (dsl.ac.uk)

Ahh, Scottish! The international language.

 

[adjusterjack]

Aye.

There can be only one.

 

[PayrollHRGuy]

What is the name of your state? Virginia


I am on disability and use a Credit Union thanks to my Father's connection. Anyway that being said with banks failing should I be worried about losing money and my benefits in a coming economic collapse? Should I start preparing for the worst?

As long as you don't keep more than $250,000 in one bank you are safe.

 

[PayrollHRGuy]

Two banks failed because of greed and stupidity.

There really isn't a lot of evidence of either. The problem seems to be a customer mix issue and a drop in US Bond values.

 

[Taxing Matters]

There is no “economic collapse” coming.

While that's hard to predict with absolute certainty, an economic collapse in which many banks fail, as in the Great Depression doesn't seem to be anywhere on the horizon right now. If anything, the economy is super heated right now, which is why the Federal Reserve is trying to cool things down. Most people don't realize it but bank failures are not that uncommon. However, in the past the federal and state regulators usually resolved troubled banks quietly, usually having another, stronger bank take over the failed institution. So most of these bank problems don't make much news. And the failure of a bank every so often isn't going to cause economic collapse. The problem in the 1930s was there was no deposit insurance, no consistent regulation of banks, and no plans in place to deal with bank collapses so the savings of the average person could, and did, get wiped out in the infamous runs on the banks. We see a scene of that in the classic holiday movie "It's a Wonderful Life" starring Jimmy Stewart, one of the finest actors Hollywood has ever seen, IMO. Since the creation of the FDIC, so far no person has ever lost any money in a bank failure.

But economic collapses can sometimes occur very suddenly with little warning. So for persons who have more than $250,000 that they want to stuff into a bank account (which is not a great way to invest, btw) it makes sense to split that among different banks to get all your accounts insured.